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Typically the strongest month for home sales, June saw closings decline 4.7 percent from May and 7.8 percent from June 2018, according to the RE/MAX National Housing Report. Going in the opposite direction, June’s Median Sales Price of $276,000 was an all-time high in the 10-year history of the report.

June has recorded the most sales each of the last five years (July led 2013 sales). This is only the second June in report history to have fewer sales than May. With sales slowing, June inventory increased 1.3 percent over June 2018, marking the first year-over-year rise in June inventory in the report’s history. Moreover, inventory grew for the ninth consecutive month, and the report’s 54 metro areas had the most units for sale since August 2016.

“Record prices appear to have kept June sales figures from topping a strong May,” said RE/MAX CEO Adam Contos. “Nevertheless, there are indications, including the return of very favorable mortgage rates, that the pace could pick up in July. Several encouraging longer-term trends—ongoing demand, improving inventory levels, low interest rates—are helping the market make incremental progress on multiple fronts. But supply remains a concern, so we need more homes to be built.”

Starting in 2013, June has also produced the highest Median Sales Price of each year. June’s record $276,000 was 6.7 percent higher than the $259,000 recorded in June 2018. June’s price increase accelerated compared to the prior three months, each of which had a year-over-price increase of less than 3.5 percent. Contos continued, “The jump in sales price after months of moderation is worth watching for its impact on affordability.”

June’s Days on Market total of forty-four meant that sales happened three days faster than in May but took three days longer than June 2018. Months of Inventory in June 2019 was 2.8, the same as May’s and below June 2018’s 3.1. Of the fifty-four metro areas surveyed in June 2019, the overall average number of home sales is down 4.7 percent compared to May 2019, and down 7.8 percent compared to June 2018.

In June 2019, the median of all fifty-four metro Median Sales Prices was $276,000, up 6.2 percent from May 2019, and up 6.7 percent from June 2018. The average Days on Market for homes sold in June 2019 was forty-four, down three days from the average in May 2019, and up three days from the June 2018 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The number of homes for sale in June 2019 was down 0.6 percent from May 2019 and up 1.3 percent from June 2018. Based on the rate of home sales in June 2019, the Months Supply of Inventory held steady at 2.8 from May 2019, and decreased compared to 3.1 in June 2018. A six months supply indicates a market balanced equally between buyers and sellers. Click here to download a copy of the RE/MAX National Housing Report for June 2019.

Looking to sell your Phoenix home? Searching for the perfect home for sale in Phoenix? Contact the Nate Martinez Team today! Our commitment is to provide you the quality of service and communication you desire and deserve. Our goal is to leverage our knowledge and experience to help you get the best price the market will support while still selling your home in a reasonable period of time.

April home sales finished just one percent below a year ago as selling times shortened and tight inventory held steady, according to the RE/MAX National Housing Report. Meanwhile, April's median home price of $255,000 in the report's 54 markets was up a mere 3.6 percent - the smallest year-over-year April increase in eight years.

April's year-over-year sales decline of one percent marked the ninth consecutive month of year-over-year decreases, but April's sales dip was the smallest during that time. At the same time, inventory increased 0.8 percent and marked the seventh consecutive month of year-over-year growth in number of homes for sale. Compared to March, home sales in April sped up by a full week, taking an average of 52 days instead of 59. The average in April 2018 was 51 days. The Months Supply of Inventory in April dropped year-over-year from 3.0 to 2.6.

While the March-over-February increase in home sales of 28.8 percent was the smallest in five years, the April-over-March increase of 10.5 percent was the largest in five years.

"April's home sales blossomed, suggesting the typical seasonal jump in spring sales arrived later than usual this year," said RE/MAX CEO Adam Contos. "Solid buyer interest and sellers with realistic price expectations advanced the market's march toward equilibrium last month. That said, inventory remains constricted, and prices continue to climb, albeit at a slower rate. All in all, April's results were encouraging, and we continue to be cautiously optimistic about the prospects of a healthy spring selling season."

Of the 54 metro areas surveyed in April 2019, the overall average number of home sales is up 10.5 percent compared to March 2019, and down 1.0 percent compared to April 2018. In April 2019, the median of all 54 metro Median Sales Prices was $255,000, up 2.0 percent March 2019, and up 3.6 percent from April 2018.

The average Days on Market for homes sold in April 2019 was 52, down seven days from the average in March 2019, and up one day from the April 2018 average. The metro areas with the lowest Days on Market were Omaha, NE, at 27, and Denver, CO, and San Francisco, CA, both at 30. The highest Days on Market averages were in Augusta, ME, at 116, Hartford, CT, at 89, and Miami, FL, at 86. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Looking to sell your Phoenix home? Searching for the perfect Phoenix home to buy? Contact the Nate Martinez Team today! Our commitment is to provide you the quality of service and communication you desire and deserve. Our goal is to leverage our knowledge and experience to help you get the best price the market will support while still selling your home in a reasonable period of time.

Kicking off the spring homebuying season, March sales climbed almost twenty-nine percent over February, according to the RE/MAX National Housing Report. But this remains the slowest start in five years, with March sales 8.6 percent lower than March 2018.

March was the eighth consecutive month of year-over-year sales declines and the sixth straight month of year-over-year inventory growth, with a 5.3 percent gain. Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 3.4 percent year-over-year – notably smaller than the year-over-year increases in February (5.5 percent) and January (4.6 percent). However, the median sales price has risen by more than 3% year-over-year in 17 of the last 18 months.

From 2015 to 2018, the housing market’s spring sprang to life with an increase in sales from February to March averaging 37.0 percent. March 2019’s month-over-month increase of 28.8 percent was the smallest since 24.6 percent in 2014. Days on Market increased to 59 from 57 last March, while Months Supply of Inventory declined year-over-year to 2.7 from 3.0.

“It was encouraging to see month-over-month sales improve during March,” said RE/MAX CEO Adam Contos. “Although the seasonal bounce that typically ends the first quarter wasn’t as strong as in the past few years, conditions are in place for a healthy spring selling season. Falling interest rates, rising inventory and moderating price increases against the backdrop of a healthy overall economy are cause for optimism for buyers and sellers alike.”

The average Days on Market for homes sold in March 2019 was fifty-nine, down three days from the average in February 2019, and up two days from the March 2018 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The number of homes for sale in March 2019 was up 0.3 percent from February 2019. Based on the rate of home sales in March 2019, the Months Supply of Inventory decreased to 2.7 from 3.7 in February 2019, and from 3.0 in March 2018. A six-months supply indicates a market balanced equally between buyers and sellers.

Clickhere to download your copy of the RE/MAX National Housing Report for March 2019. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Nate Martinez Team today! We offer unparalleled service to all clients in the Phoenix real estate market.

Keeping up-to-date on developments in our real estate market is crucial. Whether you’re a buyer, seller, or homeowner, you’ve got to know what’s going on in order to succeed in your goals. With that in mind, let’s take a look at the latest news from our Phoenix area real estate market. Conditions remain strong, but we have experienced some changes since this time last year. To learn what those are and hear our full market update, watch this short video: https://rem.ax/2CmQbIU

We’re already halfway through 2018 and the housing prices are at record highs, while inventory is at record lows and home sales are trailing 2017’s pace, according to the RE/MAX National Housing Report. June sales were 5.5 percent lower than June 2017 in the fifty-four metro areas surveyed, marking the seventh consecutive month of year-over-year declines.

Headed in the opposite direction, the June Median Sales Price of $258,500 was an all-time high in the nine-year history of the report. It was 5.1 percent higher than the $245,000 recorded last June, bringing the consecutive months of year-over-year price increases to 27. In each of the previous five years – going back to June 2013’s $193,750 – June has posted the highest Median Sales Price of the year.

Forty-two of the fifty-four metro areas reported a year-over-year drop in inventory. That years-long trend is reflected in Months Supply of Inventory dropping to 2.7 – down 8.8 percent year-over-year and the smallest figure ever recorded for June. Fewer houses for sale generally results in a faster process: Homes sold in June averaged just forty-two Days on Market – five days less than June 2017 and three days under the previous nine-year low of forty-five days.

“Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers,” said RE/MAX CEO Adam Contos.“In the hottest markets, demand is especially high because there simply aren’t that many homes for sale. The slower sales figures we’re seeing are tied to inventory more than anything else. Lack of inventory has become a theme for the year.Having fewer homes to choose from poses a challenge for buyers, who need to be ready to act decisively and quickly. Working with a full-time, professional RE/MAX agent can prepare them for that.”

Visit: https://rem.ax/2phKHWT to access the housing report infographic, or click here to download your copy of the June 2018 RE/MAX National Housing Report. Looking to sell your Phoenix home or buy a home in Phoenix? Contact The Nate Martinez Team today! We offer unparalleled service to all clients in the Phoenix, Arizona real estate market. Your complete satisfaction with our service and representation is our number one priority!